Pantheon Share Discussion Threads

[jonwig] 04/8/2023 08:37

Companies usually have an AGM proposal to buyback up to 15%, which is, I understand, the maximum allowed. As you say, they don't always actually reach that number.

Around ten of my portfolio companies are doing buybacks, and I guess their main constraint is lack of cash to do more.

[spangle93] 04/8/2023 07:55

@jonwig
I still think 15% of share capital places it well above the standard buyback quantum.

If you look at average volume, there are few days where trades in PIN rise over a million shares. A 200 million buyback is around 750k per working day. Surely that would have more of an effect than the dribble bought back by other stocks.

[rambutan2] 04/8/2023 02:35

Presentation etc here:

[rambutan2] 04/8/2023 02:30

Well, great to see some correct conviction at last - £3 here we come...

[my retirement fund] 03/8/2023 17:25

What hello wrong with returning money to investors, jeez!

[apple53] 03/8/2023 17:10

HVPE is also repurchasing shares. Or was. Nothing reported for a couple of weeks. I haven't done a volume calculation to see if they finished already.

[1968jon] 03/8/2023 16:44

...and they went windmilling in on day one, with over 40% of the days (so far) reported volume.....

[riverman77] 03/8/2023 14:28

Hopefully some of the other PE funds follow suit - there are a few on similar discounts, eg HVPE, APEO and ICGT (although the last 2 do pay small dividends at least).

[lomax99] 03/8/2023 13:36

Well it's certainly taken them long enough

[ali47fish] 03/8/2023 13:10

river thanks good and helpful post

[riverman77] 03/8/2023 12:47

Good news on the buyback - I suspect AVI might have been behind this as they have a top 10 position in PIN and take quite an activist approach in pushing for better shareholder returns.

[jonwig] 03/8/2023 08:25

It's just about 15% of the share capital. It's getting quite common among these companies.

But it's the first time I've read buybacks as "investing in its own portfolio."

[spangle93] 03/8/2023 08:16

Annual Financial Report

Stand out is
PIP is committing up to £200m to invest in its own portfolio by acquiring its own shares during the financial year to 31 May 2024.

Or in other words, 10x what they spent on buy-backs in the trading year that ended in May 2023.


"By committing up to £200m to buy back PIP's shares, on behalf of shareholders we will capture the exceptional value offered by the Company's high quality portfolio. Investors in PIP will also benefit from our intention to dedicate a proportion of future net cash flow to share buybacks while still making new investments with many of the best PE managers in the world. We hope that shareholders will welcome and support the exciting initiatives which the Board is now taking to seize the investment opportunity before us."

[lynton3] 09/7/2023 17:59

Podcast featuring Helen Steers (begins at 08.00mins) :

[riverman77] 15/6/2023 15:55

Interesting to see PIN now appears as top 10 holding of the AVI Global Trust (around 4% of the portfolio) - they take quite an activist approach so hopefully will be pushing to improve shareholder returns. They have previously outlined that they see value in the PE funds and think discounts are excessive.

[apple53] 06/5/2023 20:57

I personally don't need or want a dividend, Sky. However, I am happy to believe that ultimately it might make a modest difference to the discount, so I would support your view. However, I completely agree with the real stan that a buyback at 45-50% discount is a complete no-brainer, should probably take precedent over a dividend (though again why not both), and can be switched on and off more easily according to cashflow and discount.

Tournesol, in case you are still around (sorry I have been awol for a while), you kindly confirmed, from the horse's mouth, that there IS a bureaucratic impact. And therefore confirmed it would be highly naïve to believe there was no such impact. So definitely no refuting going on. Also, within the 'naïve' sentence I mentioned the key issue of immigrant labour, which has hamstrung parts of UK production, since we don't import ALL our fruit and veg.
Re. shortages (which remember I was a little sceptical about) there were obviously bigger catalysts at that point, otherwise they would have started ages ago, but the point is the bureaucracy remains a permanent issue, while the other stuff fades away. I'm not sure where you stand on the bigger questions, but I note you made no attempt to refute any other suggestions, questions and assertions.

[pvb] 06/5/2023 17:57

This_is_me 24 Feb '23 - 10:02 - 550 of 603

I was certainly asking for a referendum and voted for UKIP which achieved a majority in EU elections showing that sensible people like myself recognised that we needed to be out of the Evil Empire.

Note that auditors have never signed off the EU accounts; that tells you all you need to know about the way it is run.

And, on the back of such fantasies and delusions - doubtless garnered from other fantasists on the Internet - the nonsensical fantasy that is Brexit, was delivered to us.

[ali47fish] 05/5/2023 18:36

person related to dir buys with no effect on the sp-private equity is like a closed book- difficult to evaluate!

[the real stan] 03/5/2023 16:14

If you look back at reports of NAV there is often a small increase which comes from buying their own shares. This will happen whenever they buy their own shares at bellow NAV.

[the real stan] 03/5/2023 16:11

PIN themselves. They have cash to invest and can commit to PE funds or buy their own shares.

[ali47fish] 03/5/2023 13:13

real stan who is they not clear please explain

[the real stan] 03/5/2023 10:52

Throw? Buying shares at half of NAV is the best investment they can make!

[aishah] 23/4/2023 23:03

Why do you think the market will tumble?